Richard Walker, a new partner at Bain & Co. and co-lead of digital strategies for financial services has plenty of advice for his clients on how to take advantage of the blockchain-powered concepts of Web3 and the metaverse. But a lack of regulation, he says, is slowing adoption from the industry’s biggest players.
“Our clients are largely standing by waiting for clarity,” he says.
Web3, which Walker defines as “a decentralized, democratized environment with a native currency and native digital-rights ownership,” has garnered increasing interest from investors since the peak of the crypto bull run in November 2021. A research report by Bain found that private investments into Web3 technology have surpassed $80 billion, with $48 billion going directly into financial-markets infrastructure.
From wallets to payments, brokers and exchanges, the financial-services industry, Walker says, is perfectly poised for the introduction of blockchain technology. The industry “is really building the foundational rails and assets,” he adds.
Prior to his appointment in July to Bain, Walker spent 12 years at Deloitte Touche Tohmatsu working in the digital-assets division (though the Bain press release that announced his new role referred to his former employer as “another global business consulting firm”). At Deloitte, he worked on different uses of cryptocurrencies. At Bain, Walker says he’s focusing on “building optionality intro strategies” for financial services to implement Web3 technology.
Walker’s work at Bain largely concerns implementation of metaverse practices and Web3 applications, like nonfungible tokens (NFTs), for banks’ clients and employees.
Big names in the financial sector have already, albeit cautiously, started to adopt so-called Web3 applications beyond cryptocurrencies. J.P. Morgan, a Bain client, has been leading the way, issuing NFTs to attendees of its first crypto economy forum in December.
Continue reading:
https://www.forbes.com/sites/mariagraciasantillanalinares/2022/10/03/banks-drawn-to-web3-technology-but-restrained-by-lack-of-rules/?sh=7d4b6faf571d
“Our clients are largely standing by waiting for clarity,” he says.
Web3, which Walker defines as “a decentralized, democratized environment with a native currency and native digital-rights ownership,” has garnered increasing interest from investors since the peak of the crypto bull run in November 2021. A research report by Bain found that private investments into Web3 technology have surpassed $80 billion, with $48 billion going directly into financial-markets infrastructure.
From wallets to payments, brokers and exchanges, the financial-services industry, Walker says, is perfectly poised for the introduction of blockchain technology. The industry “is really building the foundational rails and assets,” he adds.
Prior to his appointment in July to Bain, Walker spent 12 years at Deloitte Touche Tohmatsu working in the digital-assets division (though the Bain press release that announced his new role referred to his former employer as “another global business consulting firm”). At Deloitte, he worked on different uses of cryptocurrencies. At Bain, Walker says he’s focusing on “building optionality intro strategies” for financial services to implement Web3 technology.
Walker’s work at Bain largely concerns implementation of metaverse practices and Web3 applications, like nonfungible tokens (NFTs), for banks’ clients and employees.
Big names in the financial sector have already, albeit cautiously, started to adopt so-called Web3 applications beyond cryptocurrencies. J.P. Morgan, a Bain client, has been leading the way, issuing NFTs to attendees of its first crypto economy forum in December.
Continue reading:
https://www.forbes.com/sites/mariagraciasantillanalinares/2022/10/03/banks-drawn-to-web3-technology-but-restrained-by-lack-of-rules/?sh=7d4b6faf571d
